The $27 billion in mutual fund assets managed by FAF Advisors, along with investment professionals, have become part of Nuveen. With this acquisition, Nuveen now manages more than $100 billion across a broad range of strategies, and along with its investment boutiques, has more than $195 billion in total assets under management.
As a result of the acquisition, the 41 FAF funds have been rebranded as Nuveen funds. U.S. Bancorp has retained FAF’s money market and closed-end funds.
“We are pleased with the successful completion of this transaction, as it combines highly respected and distinct investment teams and marks another important step in our firm’s strategic development,” said Nuveen Chairman and CEO John Amboian. “As a result of this powerful combination, we can draw from even greater tools and expertise to meet and exceed client needs.”
Tom Schreier, vice chairman of wealth management at Nuveen and former CEO of FAF Advisors, added: “This is an important time for the team that has served FAF Advisors’ clients well for many years, as we bring together and leverage the deep and diversified investment expertise, scaled distribution, marketing and service capabilities of two very strong organizations.”
